Editor: Priyanka Saxena Published on : Sep 23,2024

Social media continues to be a driving force for global communication, commerce, and culture. Over the past year, the world has witnessed a dramatic shift in social media usage, trends, and behaviors among platforms and users. From the explosive growth of short videos to the increasing integration of AI into user experiences, social media is changing faster than ever. In this article, we'll review some exciting statistics defining social media over the past year, highlighting its growing impact on individuals, businesses, and society.

Global Social Media Users: 4.9 Billion and Growing

One of the most impressive statistics over the past year has been the growth in the number of global social media users. By 2023, more than 4.9 billion social media users will be worldwide, representing about 61% of the world's population. The figure has risen sharply to just 4.2 billion by 2021, reflecting the growing use of the internet and smartphones, especially in developing regions.

Additionally, social media penetration in places like North America and Western Europe exceeds 80%, while Asia, Latin America, and Africa saw rapid growth as more people came online. In countries like India and Indonesia, millions of new users joined last year, spurred by the adoption of mobile data and cheap smartphones.

Time Spent On Social Media Per Day: 2.5 Hours

According to a recent report, the average social media user now spends 2 hours and 30 minutes daily on social platforms, up from 2 hours and 24 minutes slightly over the previous year. Despite our worries about social media addiction and the adverse effects of spending time on screen, the statistics show that social media continues to distract us more and more every day.

Interestingly, time spent on social media varies significantly by region. For example, Filipino users spend a lot of time on social media, averaging 4 hours and 6 minutes per day, while Japan spends the least amount of time, only 49 minutes daily. These differences may be due to cultural differences, local preferences, and mobile data availability.

TikTok's Continued Domination: 1.2 Billion Monthly Active Users

TikTok, the miniature video app that has taken the world by storm, shows no signs of slowing down. By 2023, TikTok will boast 1.2 billion monthly active users worldwide, making it one of history's fastest-growing social media platforms. In fact, TikTok surpassed 1 billion users last year alone and is growing, especially among Gen Z and young millennials.

TikTok's addictive algorithm has helped maintain high user engagement by curating highly personalized content. On average, TikTok users spend 95 minutes daily on the platform-significantly more than Instagram (53 minutes) or Snapchat (49 minutes). Brands and businesses have also increasingly embraced TikTok as a critical marketing channel, with more than 60% of leading brands remaining active on the platform.

YouTube still leads: 2.6 billion monthly active users

Despite the rise of new social media players, YouTube remains a dominant force, with more than 2.6 billion monthly users. This established YouTube as the world's second most popular social platform, right behind Facebook. What is impressive is YouTube's ability to attract users of all ages. While TikTok and Snapchat have a youthful slant, YouTube maintains broad appeal, with a heavy user base among Gen Z, Millennials, Gen X, and even Baby Boomers.

Regarding content consumption, YouTube users watch over 1 billion hours of video daily, underscoring its status as the go-to destination for high-quality video content. YouTube has also seen the rise of YouTube Shorts, its answer to TikTok, which recently surpassed 50 billion daily views, making it a key growth area for the platform.

Instagram: 500 million posts a day

Instagram is a massive social media platform, with 2 billion monthly users from 2023. One of its most vital features continues to be the most used Instagram Stories, with 500 million daily users daily. It is more authentic and provides a pathway.

Additionally, Instagram saw the rise of Reels, its short video format designed to compete with TikTok. Reels have become integral to Instagram's strategy, with the platform actively promoting them to users and brands. In fact, engagement with Instagram Reels has increased by 20% in the past year, making it a prime platform for creators and influencers.

Social Commerce: $1.2 trillion Industry

Social commerce-buying and selling products directly through social media-has grown exponentially in the past year. By 2023, social commerce is expected to be a $1.2 trillion industry, driven by the increasing integration of e-commerce products on platforms such as Instagram, TikTok, and Facebook. This figure represents a significant jump from the past years as more businesses and consumers embrace social marketing.

Platforms like TikTok are heavily involved in social commerce, and features like in-app shopping and shoppable ads have become commonplace. Instagram has also changed its shopping capabilities, allowing users to browse and buy items outside the app. By 2025, experts predict social commerce will account for 17% of global e-commerce sales, further underscoring its growing importance.

Rise of AI and Chatbots: 80% of companies use Automation

Artificial intelligence (AI) and Automation are significant trends in social media management. Over 80% of companies now use some form of AI-powered Automation in their social media strategies, whether through chatbots, personalized ad targeting, or content recommendation algorithms. Chatbots have become essential in customer service, especially on platforms like Facebook Messenger and WhatsApp. These AI-driven recommendations keep platform users longer, increasing engagement and ad revenue.

Influencer Marketing: $21.1 Billion 

The market continues to grow, with the Industry estimated to reach $21.1 billion by the end of 2023. This represents a 29% increase over the previous year, as brands increasingly rely on influencers to reach their target audience of micro-influencers (from 10,000). 

TikTok has emerged as a leading channel in influencer marketing, with creators on the platform seeing the highest engagement on social media. According to a recent report, TikTok influencers get an interaction rate of 5.3%, compared to Instagram's 1.2% and YouTube's 0.6%. As brands seek to connect with younger audiences, influencer participation on social media platforms will only increase.

Facebook is still a Behemoth: 2.95 Billion monthly Active Users.

Despite the appeal of new channels such as TikTok and Instagram to a younger demographic, Facebook is the most used social media platform globally, with 2.95 billion monthly active users. Growth has slowed in regions such as North America and Europe. It does expand Facebook's vast array of services, from its Marketplace feature to Groups and Messenger, and continues to attract users of all ages. Facebook is also a business hub, with over 200 million small businesses using its tools to connect with customers and promote their products.

Social Media Advertising: A $207 Billion Industry

By 2023, global social media ad spending is expected to reach a record $207 billion, up 16% from the year before. This growth was driven by higher digital ad spend across all major platforms, including Facebook, Instagram, YouTube, and TikTok. The rise of video content and Stories advertising has also helped boost ad revenue. Brands seek to capture users' attention in a more visual digital environment, which is significant, and fast-moving.

Conclusion

The past year has been a pivotal time for social media, with users becoming more sophisticated, engaged, and integrated with new technologies. From the dominance of TikTok to the rise of social commerce, social media platforms are constantly evolving, shaping how we interact, shop, and interact with the world. As these platforms continue to innovate and expand, they will remain at the forefront of digital culture, influencing everything from personal relationships to the global marketplace.

This content was created by AI